Rendering of The Bend
View north from Main Street
Tall office building
Brad Shumpert with Jimmy White sitting behind him
Developers of a $2 billion project at the former Alstom site on the Tennessee River said they are ready to get started on phase 1 with permits already in place and detailed drawings in hand.
Urban Story Ventures is awaiting decisions by the City Council and County Commission on a $115 million Tax Increment Financing (TIF) to pay for a chunk of the infrastructure at the 25-block site. The two bodies are first being asked to give the go ahead for a feasibility study on the project at the site called The Bend.
The City Council and County Commission will then be asked to approve the 20-year TIF.
Brad Shumpert, of Urban Story Ventures, said the first phase will include an extension of Main Street to the river, with an 11-story building and a hotel to be erected along the new route.
Another section will include a canal water feature, a second hotel, and a variety of residential and stores, including a grocery and pharmacy.
The overall project includes 1.2 million square feet of retail space and 205,000 square feet for medical offices. There are 1,500 residential units planned.
Mr. Shumpert said there will be nine acres of green space along the river as part of a total 14 acres of parks.
Sections of the Riverwalk will be shifted closer to the river after the group was able to buy three acres from ADM and property from the railroad.
The site includes three miles of new roads, five miles of infrastructure, over 700 trees, nearly 500 street lights and an elaborate new street grid designed by the Dover, Kohl firm.
An indoor/outdoor entertainment venue will be the largest in the city, it was stated.
The layout includes Belgian pavers at intersections.
Before starting the flurry of construction, 1.5 million square feet of concrete must be removed.
Developer Jimmy White said the huge undertaking "is bigger than us," so he called on the city and county for help.
He said, "We could have lined the river with townhouses, but that is not what we are about."